At MM we try to watch even the tiniest expenses, which is why I was shocked to find out how much we were overpaying for credit card processing. And for how long we did so. As a business you almost have to accept credit card payments. But if you don't process a high volume of them then the fees can eat through a big percentage of your sales. In our case it was almost 6% last year for credit card orders. When you add up the processing fees plus all of the monthly charges (which actually look very similar to a phone bill with all the taxes and fees) it can get ridiculous.
Recently we found out about "SQUARE" which is an app that you can use on your phone (or computer) to process payments on any of the major credit cards for as little as 2.75%. No extra fees except if you do not have the physical card in your hand then the "keyed rate" is 3.5%. The funds are deposited to your bank account the next day. Plus SQUARE is very secure. You can go to www.squareup.com and be accepting CC payments in just a few minutes.
If you are a big user then you probably have great processing rates already and this may not be for you. But if you are an occasional user like us then you really should take a look. Below is what the free card reader looks like and the software is a quick download at their website and is also free.
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